VANCOUVER, Canada –- Southern Lithium Corp. (TSX-V: SNL) (FSE: SL5) (OTC: SLLTF) (“Southern” or “the Company”) is pleased to announce the issuance of 3 million options to various executives, directors, and consultants, in accordance with the Company’s approved option plan. Each option is exercisable into one Share at $0.12 per Share for a period of 12 months from the date of grant and have no vesting conditions.
About the Cruz Property
The Company has executed a formal option agreement with Proyecto Pastos Grandes S.A. (“PPG SA”), a wholly owned subsidiary of Millennial Lithium Corp. (TSX.V:ML) (FSE: A3N2) (OTCQB:MLNLF), through the option Southern Lithium can earn up to an eighty percent (80%) interest in the PPG SA’s Cruz Property in the Pocitos Salar Basin in Salta Province, Argentina.
The Cruz Property is located in South America’s Lithium Triangle (northern Chile, northwestern Argentina and southwest Bolivia). The property encompasses 9,027 hectares (22,306 acres) in the Pocitos Salar Basin in Salta Province, Argentina.
The Cruz Property is located in the northern end of the Pocitos Salar Basin and contiguous to the southern end of the Salar del Rincón Basin, where ADY Resources Limited is extracting lithium brine. Both properties lie along the structural belt that hosts the important lithium resources of the region, and at the junction of a large north-south fault system and the northwest-southeast megastructure along which lies the Rincon volcano, the possible source of the lithium brine in both salar basins. The 60-kilometre long Pocitos salar basin has previously only been drill tested with a shallow 12-hole program in the 1970s by an Argentinean government agency “Direccion General de Fabricaciones Militares”. To date, this is the only confirmed exploration drilling conducted in the Pocitos basin. The hole that produced the best results is near the southeast edge of the Cruz property boundary, and averaged 417 parts per million lithium. Although these results are considered historical and have not been verified by the Company’s QP, the Company considers these results relevant to the future exploration of the Cruz property.
About Southern Lithium Corp (TSX-V: SNL, OTC: SLLTF, FSE: SL5)
Southern Lithium Corp. is a resource exploration company engaged in the business of acquiring and exploring minerals properties. Southern Lithium Corp. has assembled an experienced management team with a strategy to develop a portfolio of technically superior Lithium projects. The Company’s main objective is to add shareholder value through successful exploration and development of high quality resources through strategic acquisitions, combined with cost-effective financial management. With the potential acquisition of the Cruz property, Southern Lithium intends to establish its presence in the Pocitos basin and further deliver on its mission to secure lithium projects. The Company is only focusing on projects of the highest technical merit in favorable geopolitical jurisdictions.